Zig-Zag Segment Stable, Says CEO As Turning Point Reports Profit Increase And 6.1% YoY Drop In Q4 Net Sales
Portfolio Pulse from Jelena Martinovic
Turning Point Brands, Inc. (NYSE:TPB) reported a profit increase and a 6.1% YoY drop in Q4 net sales. The Zig-Zag segment remained stable, excluding the impact of a discontinued product line. The company saw a net income increase to $10.1 million in Q4 and $38.5 million for the full year. Adjusted EBITDA for the year decreased by 2.4% to $95.3 million. TPB's stock rose 6.23% to $24.38 per share following the announcement.
February 29, 2024 | 12:14 am
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Turning Point Brands reported a profit increase despite a 6.1% drop in Q4 sales, with Zig-Zag segment showing stability. Shares increased by 6.23%.
The positive earnings report and the stability of the Zig-Zag segment, despite a slight drop in sales, indicate a strong financial position for TPB. The increase in share price following the announcement reflects investor confidence in the company's performance and future growth prospects.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100